An investor who purchased a Hashmask digital art at the rate of $130 about a week ago has resold it for more than $130,000, which is a relatively 100,000% profit.
According to the information on the website, Hashmasks is a “living digital art collectible” created by over seventy artists across the world, are a collection of 16,384 unique digital portraits.
Any investor that buys a specific Hashmask earns “Name Changing Tokens” (NCTs), which can be accrued and burnt to change the title of the artwork they purchased.
Investor Earns Over 100,000% Profit
On Thursday 28th January 2021, an investor bought Hashmask #1, currently titled “Trump,” for 0.1 Ethereum worth about $130 at the time of purchase.
Afterward, the investor resold the artwork after three days on the rare items marketplace OpenSea for 97.2307 ETH, worth around $130,000 at the time of the purchase, but worth $147,463 at the time of publishing.
Hashmask #1 just sold for ~100 ETH on OpenSea.
That's 130$ into 130000$ in 3 days👑
— ChopChop (@0xChop) January 31, 2021
The new buyer, “westcoastbill,” has been very active in the Hashmasks trade, already purchasing more than 30 of the unique portraits.
Hashmasks uses non-fungible tokens to verify their ownership. Each of the 16,384 Hashmasks also earns ten Name Changing Tokens a day. Investors who’ve accumulated 1,830 NCTs, which is about six months’ worth of daily earnings, can then burn them to change the on-chain name of the Hashmask they own.
After ten years, each piece of art will stop earning NCTs, meaning the supply will gradually decrease from that point until “the last NCT token is burnt and the art piece is complete.”